Question
A sum of ₹12,000 is invested for 3 years at a certain
rate of simple interest. If the same sum was invested at the same rate for 2 years under compound interest (compounded annually), it would earn ₹240 more. Find the rate of interest per annum.Solution
Let the rate of interest be R%. Simple interest for 3 years = (12,000 × R × 3) ÷ 100 = 360R Compound interest for 2 years = 12,000 × [(1 + R/100)^2 - 1] The difference is ₹240: 12,000 × [(1 + R/100)^2 - 1] - 360R = ₹240 Simplify and solve for R. Approximating, R ≈ 10%. Correct Option: d
What was the age of Sonu 10 years ago?
I. Ram is seven years older than Sonu.
II. The ratio of Ram’s present age to Sonu’s is 5:4...
P, Q and R together can complete a work in 12 days. All of them worked together for 6 days and then P left. How much time will Q and R together will tak...
Find the sum?
Statement I : The difference between Compound Interest and Simple Interest for 2 years is 420.
Statement II : If the Compo...
What is the percentage profit earned by selling a car for Rs. 5,40,000?
I.The amount of profit earned by selling the car is Rs. 2,70,000.
...
In an institute employing managers, observers and assistants, what is the monthly salary of an assistant?
I. Each observer gets Rs 16,000 per mon...
In how many days, men Lal, Bal and Pal together can finish the same piece of work
Statement I: Lal and Bal can together finish the same piece of ...
A person invests a sum of money in two schemes, P and Q. Scheme P offers simple interest, and Scheme Q offers compound interest. The amount invested in ...
What was the price of House P last year?
I. The ratio of the price of two houses P to Q was 3:4 last year.
II. This year, the price of hou...
The sugar bag's cost price and marked price have a ratio of 4:7. If the bag is sold for Rs.600, calculate the profit %.
Statement I: The profit ...
What was the profit earned by selling an article?
Statement I : The article was sold for Rs 850 after getting a discount of 15% on the labelled ...